Research Reports

TAL will report FY4Q18 results on Thursday, April 26 before the markets open with an 8am EST conference call. Starting from last quarter, the growth driver for TAL switched from course offering volumes (as a result of expansion) to average revenue capacity per course (as a result of course pricing structure adjustment). ……

In 1Q18, the growth of China express sector accelerated compared with 4Q17 in terms of both parcel volumes and revenues. Our data shows that BSTI, as one of the leading companies in the sector, is benefiting from such acceleration.……

EDU will report FY3Q18 results on Tuesday, April 24th before the markets open with an 8am EST conference call. Starting from FY1Q18, EDU has started its faster expansion by opening more learning centers while adjusting its course pricing structure to increase average price. As a result, its total attendees and quarterly average fees per attendee are both growing and making contributions to top line growth. ……

Based on our data and model, we believe MOMO’s 1Q18 revenue is likely to reach $406.6M, better than consensus at $391.4M, and tops the high end of its guidance range of $387M – $402M. ……

HTHT’s 1Q18 performance is likely to be better than consensus driven by both the growth in hotel room volume as well as average ADRs. Based on our proprietary data and calculations, we believe total revenue is likely to grow 30.8% Y/Y to reach RMB2,083.0M in 1Q18, higher than topline consensus at RMB2,001.4M (25.6% Y/Y growth). We maintain our BUY rating.……

HTHT will report 4Q17 results on Tuesday, March 13th after the market close followed by a 9pm ET conference call. Based on its previously released operating data, HTHT is likely to report 4Q17 results better than consensus expectation. For 1Q18, based on our proprietary data, we believe HTHT is likely to achieve RMB2,092.0M, better than consensus at RMB2,025.8M driven by the growth in both  number of hotels to grow 26% Y/Y and  RevPAR at 15% Y/Y growth. We maintain our BUY rating and raise our PT to $175.00.……

BITA will report 4Q17 results on March 15th before the markets open with an 8:15am EST conference call. Based on our data and calculations, we believe BITA’s 4Q17 revenue and 1Q18 guidance are likely to be better than consensus. ……

YRD will report 4Q17 results on March 14th before the market opens with an 8am EST conference call, which can be accessed by dialing 866-519-4004 with the passcode 8097206. We believe YRD is likely to deliver solid 4Q17 results and 1Q18 guidance. ……

ZTO will report 4Q17 results on March 8th after the markets close followed by an 8pm EST conference call. Based on our proprietary data and calculations, ZTO’s 4Q17 revenue is likely to be RMB4,189.9M (31.3% Y/Y growth) vs. consensus at RMB4,060.9M  (27.3% Y/Y growth). ……

ATHM will report 4Q17 results on Wednesday, March 7th before the markets open with a 7am EST conference call. The company’s dealer business continues its strong momentum by reaching a new high in January 2018 following record number of dealers in 4Q17, and ATHM is taking more market share. ……

MOMO will report 4Q17 results on March 7th before the markets open with an 8am EST conference call. Based on our data and model, we believe MOMO’s 4Q17 revenue is likely to reach US$391.5M, better than consensus at US$380.0M, driven by live broadcasting annual festival, advertising as well as new activities on the platform.……

YY will report 4Q17 results on Monday, March 5th after the market closes with an 8pm EST conference call. In late 2Q17, the company started to make changes to its business by adding more types of live show formats, which has served as a revenue driver. The December gala also attracted more participants. ……

JD will report 4Q17 results on Friday, March 2nd before the market opens with a 7:30am EST conference call. Based on our proprietary data and calculations, we believe JD’s net revenue is likely to grow 39.8% Y/Y to reach RMB 111.1B in 4Q17, higher than consensus topline at RMB 108.5B (35.3% Y/Y growth) and tops its top-line guidance of RMB 107B - 110B or 35% - 39% Y/Y growth.……

Ctrip will report 4Q17 results in mid to late March. Based on our data and calculations, we expect CTRP’s 4Q17 revenue to be around RMB6,393M (26.2% Y/Y growth), largely in line with consensus at RMB6,398M (26.3% Y/Y) and toward the lower end of its revenue guidance range of RMB6,334.1M - RMB6,587.5M (25% - 30% Y/Y growth). ……

WUBA will report 4Q17 results in early March. Based on our proprietary data and calculations, we believe WUBA’s 4Q17 revenue is likely to be RMB2,731M, better than consensus at RMB2,615M and higher than the high-end of the company’s guidance at RMB2,625M - RMB2,725M, driven by high growth in the Jobs sector and housing sector. ……

Based on our data and calculations, we believe CMCM is likely to deliver 4Q17 top line at RMB1,316M, higher than consensus at RMB1,279M. Its guidance is between RMB1,250M and RMB 1,310M. The upside in revenue is mainly driven by the mobile entertainment business including Live.me, Cheez (newly launched short video streaming), and mobile games. ……

BZUN continues to benefit from the increase in Tmall's international brands. As a brand operator, it has better capabilities than its peers. The market is becoming more concentrated as several operators’ domestic IPOs were denied by the government. ……

WB will report 4Q17 results on Tuesday, February 13th before the market opens with a 6am EST conference call. Based on our data, WB is likely to report 4Q17 revenue at around $370M, better than consensus at $363M. For 1Q18, we believe WB may provide revenue guidance higher than consensus at $314.4M with strong momentum continuing into 2Q18. ……